75. Contracts may be illegal at the time of their formation or because of the way...

75. Contracts may be illegal at the time of their formation or because of the way they have been performed. True or False

76. What is the purpose of invalidating agreements in restraint of trade?

77. Give three examples of types of contracts that are against public policy.

Solutions

Expert Solution

75) True. A contract is regarded as illegal in case at the time of the formation the terms mentioned in it are not legal. Another reason that can make a contract to be illegal is that if the contract is not performed as per the terms mentioned in the contract.

76)An invalidating agreement in restraint of trade is an agreement in which one party agree with other party to restrict his involvement in a specified trade in present or future. An agreement in restraint of trade is void, These are expressly void agreement as this type of agreement violates the constitutional rights of a person. So the main purpose of invalidating such agreement is to protect the rights of persons entering the agreement.

77) An agreement that is against a public policy are non enforceable by either parties. Three examples of types of contracts that are against public policy are:

Trading with enemies: Any trade with enemies is against public policy. These type of contracts are void. But if in case a contract is made during the time of peace and later on a war is declared, then in this case either the contract will be suspended or it will be dissolved.
Agreements creating interest against duty: An agreement is void in case if it is entered with intention that bounds a person to do something which is against public duty.
Traffic in public offices: An agreement that demands using of corrupt influence , then it will not be enforceable.

ekkarill92 answered 2 years ago

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